TD Private Client Wealth LLC Grows Holdings in American Tower Corporation $AMT

Key Points

• TD Private Client Wealth LLC increased its holdings in American Tower Corporation by 51.7% during Q2, now owning 7,224 shares valued at approximately $1.6 million.
• American Tower reported a Q2 earnings per share of $2.60, exceeding estimates, but experienced a 9.4% decline in quarterly revenue year-over-year.
• The company announced a quarterly dividend of $1.70 per share, resulting in an annualized dividend yield of 3.5%.

TD Private Client Wealth LLC grew its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 51.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,224 shares of the real estate investment trust's stock after purchasing an additional 2,463 shares during the period. TD Private Client Wealth LLC's holdings in American Tower were worth $1,597,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of AMT. Focus Financial Network Inc. increased its stake in shares of American Tower by 9.1% during the second quarter. Focus Financial Network Inc. now owns 2,042 shares of the real estate investment trust's stock valued at $451,000 after buying an additional 170 shares during the period. Resolution Capital Ltd purchased a new position in shares of American Tower during the first quarter valued at $72,706,000. Golden State Wealth Management LLC increased its stake in shares of American Tower by 23.0% during the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock valued at $80,000 after buying an additional 69 shares during the period. Shum Financial Group Inc. increased its stake in shares of American Tower by 3.5% during the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after buying an additional 141 shares during the period. Finally, Kovitz Investment Group Partners LLC increased its stake in shares of American Tower by 126.0% during the first quarter. Kovitz Investment Group Partners LLC now owns 97,495 shares of the real estate investment trust's stock valued at $21,215,000 after buying an additional 54,360 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Price Performance

Shares of NYSE AMT opened at $193.79 on Friday. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $90.74 billion, a PE ratio of 70.47, a P/E/G ratio of 1.19 and a beta of 0.86. The business has a 50-day simple moving average of $205.93 and a two-hundred day simple moving average of $212.51. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $234.47.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.01. The business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%.The company's quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter last year, the company earned $2.79 earnings per share. American Tower has set its FY 2025 guidance at 10.460-10.650 EPS. As a group, equities analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 30th. American Tower's dividend payout ratio (DPR) is currently 247.27%.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the sale, the chief executive officer owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.17% of the company's stock.

Analysts Set New Price Targets

AMT has been the topic of several research reports. Raymond James Financial set a $250.00 price target on American Tower and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. lifted their target price on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. HSBC lowered American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a research note on Wednesday, July 30th. Royal Bank Of Canada lifted their target price on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, American Tower presently has a consensus rating of "Moderate Buy" and a consensus target price of $244.73.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.

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